Move-in Ready 1 Level Town home only $179,900

 

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Townhome for sale in Savage Minnesota, located at 14445 Edgewood Ave.

This one level townhome in the 1300 finished square feet located in the Chadwick Park subdivision in Savage Minnesota just off Dakota Avenue ( County Road 27 ) and County Road 42. This is an excellent location because you’re within 10 minutes of the Burnsville mall, five minutes to shopping, two minutes to Mystic Lake Casino and less than 10 minutes to Highway 169.

At his home offers you all living on one level, it is a slab on grade build with no basement. It features a large eating kitchen with custom cabinets and dining area, in formal dining room and large living room with vaulted ceiling and gas fireplace. Sliding glass door from the living room leads to a private backyard patio with lots of mature trees.

There are two full bathrooms in this home along with two bedrooms. The master suite has a private full bathroom, storage and a large walk-in closet. The second bedroom can be used as a home office or guest room.Freshly painted and move-in ready this fantastic home has very little maintenance and features an asphalt driveway and a two car insulated and attached garage. All appliances stay with the home including the washer and dryer.

The monthly Association fee is $235 and that includes hazard insurance, exterior maintenance, professional maintenance, snow and lawn care, sewer and water and sanitation.

There are very few one level townhomes in this price range Savage so don’t hesitate good morning and book a showing today! If you have any questions or would like to schedule a showing please contact-

Tom Sommers | Edina Realty | 952.994.7204

Fantastic Starter Home, 4 Bedrooms, 3 Bathrooms!

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2701 Dana Dr., Burnsville, MN 55337

Fantastic split entry home with over 2400 finished square feet. It features four bedrooms, three bathrooms and was built in 1968. There’s an attached two-car garage, asphalt driveway and is located on the large corner lot in the heart of Burnsville. The backyard is private with lots of mature trees and shrubbery.

The interior of the home features beautiful original hardwood floors, large living room with picture window, formal dining room, large eat-in kitchen, three bedrooms on the upper level and a private master bathroom.

The lower level features the fourth bedroom, third bathroom, two family rooms, fireplace and lots of storage. This home is perfect for entertaining and has plenty of rooms to add a game room, home theater, exercise room or anything else you can dream up.

All of the appliances stay with the home and there’s very little maintenance needed. The neighborhood is quiet and convenient to shopping, schools and 35W.

If you have any questions or would like to schedule a showing please call-

Tom Sommers | Edina Realty | 952.994.7204

Lake Shore Property! 2.42 acre lot, remodeled 2 story w/high end finishes!

 

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Welcome to 16590 Klamath Terrace in Lakeville, MN 55044- Home For Sale

This fantastic two-story home was built in 1992. It features over 3700 finished square feet, with five bedrooms and four bathrooms. It has been completely updated from top to bottom. If that’s not enough, it’s located on a private cul-de-sac with a 2.42 acre lot and over 400 feet of Lakeshore. It’s located on Kingsley Lake which is a 44 acre lake not far from County road 5. You will enjoy your own private lake access and private dock. The acreage is very secluded with lots of mature trees so you feel like you’re up North. The home is tastefully decorated in neutral colors with a nice mix of white and natural woodwork molding.

The home has been completely updated starting with all new carpeting. As you enter the home you’re greeted to a beautiful two-story foyer with hardwood floors updated lighting and large staircase. This sets the mood for the entire home. To the left is a huge formal dining room that can be closed off from the main level family room with a set of French doors. The family room features a stone fireplace, built-ins, new flooring and a large window with a view of the lake. The huge eat-in kitchen has been completely remodeled. Starting with custom cabinets, full wall pantry, soft close drawers and oil rubbed bronze hardware. The countertops are granite and the center island seats six with storage. The kitchen also features top end stainless steel appliances including a double oven. Stone backsplash and custom lighting add the finishing touches to the space. It also has a kitchen window with the best view I’ve ever seen. The four season porch has new flooring and tongue in groove custom wood walls with vaulted ceiling. The four season porch has a beautiful surround view of the lake and backyard. It leads to a large maintenance free deck that also overlooks the backyard and Lake. There is a formal living room which is currently being used as a home office. A guest bathroom and laundry room, round out this main level. The three car attached garage is heated and insulated with lots of storage space.

The upper level features four of the five bedrooms in the home. The master suite will make you feel like you are staying in a hotel. Not only is it very spacious, it includes a walk-in closet and a full private master bath. The master bath has beautiful tile work, vaulted ceiling, granite countertops, separate sinks, new cabinets with lots of storage, a walk-in shower with glass surround, storage and a separate private room for the toilet. There is another full bathroom on the upper level that is been remodeled as well. The three remaining bedrooms on this level are all spacious with lots of closet space. The fourth bedroom which is currently being used as a home office and the master bedroom both have French doors leading to them.

The lower level is a walkout to the backyard. It features the fifth bedroom, a full bathroom and an open area that you could utilize with shelving for storage of games or books. The family room on this level has new flooring and would be a perfect room to entertain guests with a bar or you can use it as another family area. It would also make a great home theater or game room. The adjoining room is currently a workroom that could be easily converted into an exercise room or craft room. In addition there is also a huge utility room that has lots of shelving for storage. The furnace, air conditioner and water heater are all new. All appliances stay with the home. Don’t miss this very unique opportunity to won a truly amazing home,

If you would like to schedule a showing or have questions, please contact me.

Tom Sommers | Edina Realty | 952-994-7204

Critical Buyer Mistake #2- Not Having A Home Inspection

 

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Critical buyer mistake #2- Not Having A Home Inspection

There been so many blogs written on this very subject and there is only so much to say. However I’m hoping that I can get you understand as a buyer, why this step is so critically important.

Let’s start with the differences in inspections, there are typically three kinds. They all have different functions and confuse most buyers so here’s the clarification-

Home inspection- This is done by a professional home inspector that you the buyer hire. The report the inspector will give you is yours and only yours. You are under no obligation to share it with the seller. It’s used to make sure that you have something in writing, should there be an issue that needs to be addressed with the seller. This typically costs $400 and it’s as much of a manual of how your home runs as it is looking for problems. This has a lot of value especially when you’re first-time homebuyer and have never changed and air filter on your furnace or have no idea where your gas shutoff valve is.

At time of sale/city inspection- The city typically can care less about you as a buyer. The only thing they’re really interested in is generating more revenue for the city, controlling the sale of real property and making the sellers repair or replace items in their home before the property changes hands to the buyer. It’s not to say that these are useful inspections but should not take the place of a buyer hiring an independent home inspector to evaluate the home prior to purchasing. A city inspection in many cases looks for broader based issues; whereas a home inspector will look at the fine details.

An appraisal- this one is really not an inspection and it is scheduled through the lender that is loaning the buyer the money to purchase the home. The lender wants to make sure that the home is valued at the purchase price. Where this becomes confusing at times is if it’s an FHA loan, the appraiser has to look for certain items that fall under FHA guidelines. At that point it becomes a minor inspection. They’re looking for chipped paint due to their concerns about lead-based paint, cracked or broken windows and other things of that nature. This also should not be confused with a full home inspection.

Finding a really good home inspector is the key to your success in buying a home. They dedicate hours of time in continuing education classes as well as just working out in the field. Most of them have seen it all. Because of this experience they stand a much better chance of finding any potential problems in the home you’re going to purchase that Uncle Bob. So before you make a decision, I urge you to take time and speak to a couple of different inspectors to see where their value is in the service they provide you the buyer.

Tom Sommers  Edina Realty  952-994-7204

Critical Home Buyer mistake #1 of 10- Making an offer on a home without being prequalified.

 

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Critical Home Buyer mistake #1 of 10

Making an offer on a home without being prequalified.

This is so much more common than you would think yet it still amazes me as a real estate agent to this day. The first two things you should be doing as a buyer before you even start looking at homes is to secure a qualified real estate agent and pick a loan officer/lender.

Doing this backwards could cost you. You start out going to a couple of open houses thinking, let’s just take a look and see what is out there for sale. You walk into the third open house and for whatever reason, it just hits you right away and you realize it’s your dream house. Chances are it’s going to be someone else’s dream house as well. Hopefully that someone is not as organized like yourself and has not gone through the loan application process. If they have, not only do they have professional expertise helping them with a real estate agent, they also know exactly how much the payment is gonna be, what they qualify for and that they are ready to purchase. So while you spend the next day or so trying to sort all that out somebody else’s already bought your home.

There are many other scenarios as well including getting into multiple offers. If you write an offer on a house which turns out to be almost identical to another buyers offer, one of the things it can sway the sale it in your favor is a strong preapproval letter and proof that you have gone through the process and are organized. Sellers don’t want to sign a purchase agreement with the buyer who may or may not qualify to purchase their home regardless of the price.

The prequalification is a very simple process where you sit down with the loan officer and they ask you a series of questions. These will include- what is your income per year?, How much debt you have?, Do you have any bankruptcies?, Have you been foreclosed on in the last three years? Or many other similar questions. To very painless process and one that is critical to the success of you purchasing a home.

Please consider what I’m telling you today and take it to heart. It some of the best advice I can offer you as a licensed real estate professional to help you avoid losing out on the home of your dreams.

Tom Sommers  Edina Realty  952-994-7204

10 critical mistakes buyers can make, when purchasing a home

 

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10 critical mistakes buyers can make, when purchasing a home

This blog is designed to save you time and give you content. Q looking to buy a home, why not learn from other homebuyers mistakes? Purchasing a home is a huge decision and with that comes a lot of stress and preparation. Our goal as real estate agents is to minimize the stress and help prepare you to make the decisions that will affect the outcome of this process. Learning from other people’s mistakes can save you a lot of heartache and time. I’m going to do an individual blog for each of the 10 mistakes for more detail. But for now let’s just take a quick look for all of you speed readers.

1) Making an offer on a home without being prequalified

There are steps to the process that have to be done in a certain order. When you jump from step one to step seven, they’re going to be some holes in your approach. You have to take the time to visit with a mortgage professional. They will help you to determine where your comfort level is, what you can afford and most importantly what your monthly payment and obligations will be.

2) Not having a home inspection

Skipping this step is not recommended. It’s one of the cheapest insurance policies you will ever purchase. It runs around $400 to have a professional inspector come in and assess the property are going to purchase. You need to know not only if there any hidden issues but also how your home functions. After the papers of been signed and you on the home, it’s very hard to go back to the seller and complain if you haven’t had an inspection.

3) Limiting your search

Too many buyers get hung up on the idea that craigslist or any other particular website have all of the great deals. This is simply not true because information changes so rapidly now with the Internet. You have to have several different searches set up for you in several different places to make sure that your covered adequately and will see all of the homes that are for sale. The first one to start with is a direct feed from the MLS. This can only be obtained through a real estate agent; it’s not something you can do on your own.

4) Choosing a real estate agent who is not committed to forming a strong business relationship with you

Any time you are in need of hiring someone to do a service for you, it’s always in your best interest to take the time to interview several different people to fill that need. We come from all different types of backgrounds and all different types of experiences. You need to work with someone who you feel is willing to not only investing you but also in the process of helping you find a home. Don’t just pick somebody that’s a part-time realtor. Who you choose to represent you is one of the most important decisions you will make in this process.

5) Thinking there’s only one perfect house out there

I tell my clients on a regular basis for every home that sells another one pops up in its place. I couldn’t continue to do that if it weren’t true. I truly believe you will land where you should and buying a home is a process. You have to be patient and be open to the idea that what you think you want to the home may drastically change from the beginning of the process to the end when you actually purchase a home.

6) Not considering long-term needs

Don’t buy a home that’s smaller than the home you’re currently living in. That’s one example of a long-term need. If you’ve outgrown your home before you even move-in, that’s can be a problem. The other part is even though it’s your home; you have to remember it’s an investment. You want to buy smart so that one day when you do go to sell, you have a home that appeals to the largest buyer pool.

7) Not examining insurance issues

Insurance can be a really tricky thing and most people don’t understand, I can’t say that I understand it all that well either. The one thing I do know is you need to have a home insurance. Especially the right type of insurance. Unfortunately there’s no quick way around this and you need to view all of your options to pick the right plan for you and your family. Too many buyers gloss over this and it ends up creating a problem for them later.

8) Not buying a home protection plan

This is on a case-by-case basis and there are all different types of plans that are available. There are home warranty packages that cover a lot of different things from siding to roofing and everything in between. The caveat is you have to read the fine print. There are other home protection plans that are nothing more than appliance warranties. There’s nothing wrong with these either but it depends on the type of home you’re going to purchase. If you’re buying a home that’s only a couple of years old than maybe the most important thing is a structural warranty plan that may already be available from the builder. Where is if you buy a house that has a furnace is 20+ years old you may want to plan that’s going to cover that plus other appliances.

9) Not knowing the total costs involved

You don’t have to be an MBA to go over all this but it is in your best interest to ask questions and take the time to review your documents. We as an industry are here to help you as is the lending industry. You need to take time out of your day to know what your interest rates going to be. How much your have to put down along with how much your monthly payment is going to be. Sounds silly but you’d be amazed at how many buyers don’t even ask those questions until they’ve already written a purchase agreement on a home.

10) Not following through with due diligence

This last one pretty much covers all of the above. As a real estate agent I can answer any question you have. If I don’t know the answer I will find it for you. I will give you as much information as you ask for and try my very best to always give you my professional opinion. However you still need to read through your documents, ask questions and have a basic understanding of the process. Knowledge is power and the better prepared you are to purchase a home, the better the process will be.

Please look for detailed blogs and videos over the next several weeks detailing all of these 10 mistakes. If you have any questions or concerns please feel free to call or email

Tom Sommers  Edina Realty  952-994-7204

Buying a property with acreage? Don’t forget the well & septic contingency!

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Well and septic contingency-

If you’re thinking about buying a house with acreage like a hobby farm, more than likely you will wind up needing this particular contingency addendum to purchase that home. It deals specifically with the septic system and the well. Because both of these items can be extremely expensive you want to make sure as a buyer that both of them are in proper functioning order before you purchase at home.

Septic tanks are found in several different forms but the most common are amount system and a drainage system. Both of them have holding tanks and are supposed to be pumped on a regular basis by a certified company. Most counties as well as townships require this to be serviced every three years as well as before a property transfers ownership. Not only to ensure that its functioning properly but to make sure that it’s not creating some type of environmental hazard. This is why the EPA will typically keep records as well from the county and state.

The well is something you want have tested for a couple of different things. First to make sure that the water is not contaminated with any pesticides or pollutants. To verify that it is a safe distance away from your septic system and thirdly that is functioning properly for the home. The well pretty much functions on its own but it does have a pump that draws the water up through the pipe into the house. That typically needs to be replaced once every 10 years or so. So when you’re having this inspection you want to verify that the well is pumping properly.

You as the buyer can take both of these tests on at your expense and choose your service providers within a certain amount of time for the contingency. It’s very similar to the home inspection contingency that I had written about earlier on. The other option is you can have the sellers provide for the cost of the inspection and
furnished you with the reports. Either way is fine, which ever you feel most comfortable with.

This is a very important steps to take when purchasing a property with the septic and well. The last thing you want to do is not verify that they are in working order because the cost to replace the septic system alone can run you well over $15,000. Not to mention you want to make sure that your compliant with all state and local laws.

This is the last of the series of buyer contingencies when purchasing a home. Please visit my YouTube page to view the others. Go to YouTube, type in realtorology or Tom Sommers to find my YouTube page. You can also read the rest of the blogs on my real estate website www.realtimehomesearch.com.

If you have any questions please feel free to call me or email me.

Tom Sommers Edina Realty  952-994-7204  tomsommers@edinarealty.com

Financing Contingency. What you need to know about not losing your earnest money!

Financing Contingency.  What you need to know about not losing your earnest money!

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Continuing with the contingency series, today I want to talk about the financing contingency. If you been reading and following the other blogs you already know that a contingency is in addition to the main body of a purchase agreement for residential real estate. For those of you that are new and just joining, I’ll do a quick recap and say the contingency is something that is in place in a contract, to allow the buyer to get out of a contract should there be an issue.

Regarding the financing contingency, the biggest piece to this is being approved for a mortgage. Most of the contingencies as written say something along the lines of, if buyer cannot secure the financing specified in this purchase agreement, and the purchase agreement does not close on the closing date specified, this purchase agreement is canceled. Buyers and sellers shall immediately sign the cancellation of purchase agreement confirming said cancellation and directing all earnest money to be refunded to the buyer. This is your way out of purchasing a home if you can’t qualify for the financing. This is not to say that you shouldn’t go to a loan officer before you write the offer and get fully approved for the loan. This just gives you an option to get out if somehow your financial situation were to change.

  • There’s other piece is to this contingency which include
  • Is the seller contributing to the buyers closing costs?
  • Is this a first mortgage only?
  • Is a privately insured mortgage?
  • Is the rate fixed for a specific amount of time or is it an arm?
  • Is there a cap on the interest rate? Meaning that if the interest rates climb above a certain percentage rate before the buyer locks in, can the buyer cancel the contract?
  • If the seller does not feel comfortable with the above cancellation language, do they want a final underwriting letter by a specific date from the loan officer?
  • When are you the buyer, locking into your interest rate? Is it within five business days of final acceptance of the purchase agreement or at any time prior to closing as required by lender?
  • Are there any lender commitment work orders that you will be asking the seller to pay for?

This is pretty standard language whether you are using a conventional mortgage, FHA or VA loan. However if you’re using an FHA loan there’s an additional escape clause in the contingency that says if the home does not appraise at or above the purchase price the buyer can cancel the contract. You can also agree to renegotiate the purchase price at that point as well but it’s spelled out pretty clearly in the FHA contingency addendum in addition along with lender processing fees there is a portion that asks for any work orders will the seller or buyer be responsible for any reinspection fees?

Talking about this is just further proof that you need to hire a licensed real estate agent to help you through the process regardless of whether your a buyer or a seller. If you have more specific questions, please feel free to send me an email or call.

Tom Sommers  Edina Realty  952-994-7204  tomsommers@edinarealty.com

Want to buy a home but still have a home to sell? How do you protect yourself?

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Want to buy a home but still have a home to sell?  How do you protect yourself?

Continuing with my series on contingencies, this particular contingency is called the sale of a buyers property contingency. Or you can also say I’m purchasing your home contingent upon my home selling. You need to protect yourself when purchasing a home by using the specific form outlining this particular contingency. If you don’t you will be legally bound to the purchase and could end up owning two homes in making to mortgage payments. Most people want to avoid this so it’s very important when you’re drafting a purchase agreement to include this contingency.

  • Essentially what the contingency says is that you are going to or have listed your home located at x with a real estate agent or you will be listing it within x number of days.
  • The seller may remove the contingency at any time and for any reason. This is the one contingency that the seller has control of. They can just wake up one day and decide that the contingency on their house is hurting their ability to sell their home. So your kind of at the mercy of the seller when you present this form.
  • The one way you can remove the contingency so no other party can purchase the home is to give the seller within x number of business days proof of it valid purchase agreement for your home.
  • If the seller requests removal of the contingency in the buyer does not remove the contingency in a timely manner, the purchase agreement will be considered canceled.

So the long and short of all those highlights are you are at the mercy of the seller until you get your property sold. Typically you have a certain amount of time once the contingency is been called to get that home sold. If you’re unable to get your home sold within that timeframe the seller has a right to cancel that purchase agreement and work with another buyer. Biggest downside for a buyer in this is that you have no control over the situation and you typically will get one of two things. You’ll either get a better price or longer term to get your home sold. In most cases you don’t get both.

The upside for the seller is they do have a signed offer on their home and they have the benefit of continuing to try to sell their home to somebody else in the event that you can perform and get your home sold. You gonna want to take a long hard look at this before you decide to move forward with it. Discuss it with your real estate professional so they can give you all of your choices to pick the best option for you.

Tom Sommers Edina Realty 952-994-7204

What are my rights as a buyer regarding association documents?

 

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What are my rights as a buyer regarding association documents?

In continuing with the series on home contingencies, now let’s talk about the addendum to purchase agreement: condominium/townhouse/cooperative common interest community (cic).

If you’ve read any of the other blogs you will know that the contingency is something that must happen in a purchase agreement before the purchase agreement can move forward. If your purchasing a condominium, townhouse or any home that has been Association, you have a right to review any and all of the Association documentation. This includes-

  • Resale disclosure certificate
  • All amendments and updates
  • Articles of incorporation
  • Bylaws of the Association
  • Rules and regulations
  • Projected annual budget
  • Declaration of the Association

All of these items should be handed to you by the seller. At this point according to Minnesota state law you have 10 days to review all of the documentation. If at any time during the 10 days you find something in that paperwork that you do not agree to, you have a right to cancel your purchase agreement and move on to a different home. It’s very important that you take the time to read through these documents. I also encourage you to make sure to get the name and phone number for the contact people at the Association as well as the management company. You never want to rely on a third party to get answers for your questions when it comes to these documents. You want to see it in writing for yourself, if that’s not the case you want to call those people directly to get the answers. This will save you an awful lot of time and hassle and a problem at the closing table.

Tom Sommers Edina Realty 952-994-7204